Helpful Resources
Below we have provided a few helpful resources sectioned out by each practice area.
Estate Planning, Probate, & Trust Administration; Divorce & Family Law; Business Law
Estate Planning Resources
- Revocable Living Trusts
- Charitable Lead Trusts
- Supplemental Needs Trust – Any person with special needs who qualifies for social security, Medicaid, or other public benefits may lose those benefits upon receiving an inheritance. Supplemental needs trusts may be established to prevent this from happening.
- Blended Family Planning
- Charitable Lead Trusts
- Optimal Basis Increase Trusts
ESTATE TAX
The Internal Revenue Service (IRS) taxes all estates which qualify for such tax. The estate tax is a federal tax, which means it applies regardless of where you reside. Each state, however, also has its own laws on separate taxes. Under the Tax Cuts and Jobs Act signed by Congress, in 2022, estates exceeding approximately $12.06 Million per person or $24.12 Million per married couple may be taxed up to 40 percent. The federal estate tax exemption is adjusted annually for inflation.
Frequently Asked Questions On Estate Taxes
INHERITANCE TAX
Some states impose an inheritance tax on persons who inherit money or property. This is known as an inheritance tax. As of 2022, six states impose an inheritance tax, including Nebraska and Iowa. The amount of inheritance tax generally depends upon the value of the property inherited and the relationship of the beneficiary (the person receiving the inheritance) to the decendent (the person who died). Nebraska has the highest tax rate of up to 15%. In 2021, Iowa passed a law which is phasing out Iowa inheritance tax effective for deaths after January 1, 2025. South Dakota does not impose an inheritance tax.
- Iowa inheritance tax
- Nebraska inheritance tax
- South Dakota inheritance tax - South Dakota does not impose an inheritance tax.
FEDERAL INCOME TAX RATES FOR SINGLE FILERS (2022)
- 10% - Under $10,275
- 12% - $10,276 to $41,775
- 22% - $41,776 to $89,075
- 24% - $89,076 to $170,050
- 32% - $170,051 to $215,950
- 35% - $215,951 to $539,900
- 37% - Over $539,900
FEDERAL INCOME TAX RATES FOR MARRIED COUPLES FILING JOINTLY (2022)
- 10% - Under $20,550
- 12% - $20,551 to $83,550
- 22% - $83,551 to $178,150
- 24% - 178,151 to $340,100
- 32% - $340,101 to $431,900
- 35% - $431,900 to $647,850
- 37% - Over $647,850
FIREARM PLAN TOOLKIT
Divorce and Family Law
Business Law
Business Succession Planning
Business owners are well advised to begin creating a business succession plan as soon as possible. Even if a business owner doesn’t plan to transfer his/her business for many years, the plan should still be in place in case something unexpected arises. That said, picking up the pen and actually creating the succession plan can be very daunting for even the most sophisticated business owners.